Blood Gas and Electrolyte Analyzers Market Report 2024: Surge in Market Size from $3.26 Billion in 2023 to $3.52 Billion
Blood Gas and Electrolyte Analyzers Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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Market size growth for blood gas and electrolyte analyzers has been quite remarkable in recent years, withestimated expansion from $3.26 billion in 2023 to $3.52 billion in 2024 at a compound annual growth rate CAGR of 8.0%. This surge can be linked to rapid urbanization, the growing number of patients in emergency units of hospitals, improved infrastructure in diagnostic centers, rising earnings and standard of living, increased healthcare expenditure, an increase in the elderly population, and the rise in obesity.
What Does the Future Hold for the Blood Gas and Electrolyte Analyzers Market?
Future growth in the blood gas and electrolyte analyzers market looks promising and is prognosticated to reach $4.86 billion in 2028 at a compound annual growth rate CAGR of 8.4%. This anticipated growth can be pinned on increasing government initiatives, a rising number of patients in critical care units and intensive care units ICU, escalations in medical tourism, and a surge in chronic diseases. Other major trends to look forward to include technological advancements, product innovations, digital blood gas analyzers, automated blood gas analyzers, the use of venous blood gas values, and complete blood count CBC diagnostics technology.
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What's Driving this Growth?
A primary accelerator of this market's growth is the increased number of patients which led to an uptick in blood sample testing. Blood tests are utilized for various purposes, including measuring cholesterol and blood glucose levels. These tests aid in monitoring the risk of heart disease, vascular disease, and diabetes, as well as evaluating how effective treatments are. For example, in 2021 of the 118.5 million blood donations received globally, 40% were garnered in high-income countries. Intriguingly, children under five years old receive almost 54% of blood transfusions in low-income nations, whereas in high-income countries, patients over 60 years old receive up to 75% of all transfusions. It becomes clear, then, how the increase in patient numbers fuels the growth of the blood gas and electrolyte analyzers market.
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Who Are the Movers and Shakers in the Industry?
The key players in this market include F. Hoffmann-La Roche Ltd, Danaher Corporation, Siemens Healthineers AG, Werfen, Abbott Laboratories, Medica Corporation, EDAN Instruments Inc, Radiometer Medical, Nova Biomedical, OPTI Medical systems Inc, I Sens Inc, JOKOH CO. LTD, Prolong Medical Equipment Co. Ltd, Sensa Core Medical Instrumentation Pvt. Ltd, Hunan Rainbow Technology Co. Ltd, ERBA Mannheim, EKF Diagnostics, Roche Diagnostics, Grifols, Vygon SAS, Biofidus, KwertyMed, Instrumentation Laboratory Company, Becton Dickinson and Co, and Microbiology E.A Ltd.
What Are the Eminent Trends in the Industry?
Major companies are more inclined towards technological advancements to solidify their market presence. A noteworthy example is Sensa Core's launch of the ST-200 CC Blood Gas Analyzer-Ultra Smart in India. This highly advanced blood gas model is completely automated, microprocessor-controlled, and uses an ION selective electrode ISE, Impedance Hct, and Amperometry pO2 technology to perform arterial blood gas and electrolyte analysis.
How Is This Market Segmented?
The market is segmented by product into Blood Gas Analyzers, Electrolyte Analyzers, Combined Analyzers, and Consumables. By modality, it is categorized into Portable, Laboratory, and Benchtop and by end user, it is divided into Central Laboratories, Point Of Care, Diagnostic Centres, Hospitals, and Other End Users.
What Are the Regional Highlights?
North America emerged as the largest region in the blood gas and electrolyte analyzers market in 2023. This region is also anticipated to witness the fastest growth moving ahead. Other regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, South America, and the Middle East and Africa.
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